errors and omissions insurance cost

3 Factors That Will Determine the Cost of E&O Insurance

Most business owners know that errors and omissions insurance, which is a lot like malpractice insurance, protects your company financially if a client sues you for negligence. What they want to find out is how much errors and omissions insurance cost.

Cost will vary per carrier, so it always pays to shop around. An average annual premium likely runs about $700 to $900 a year.

What Affects the Price of E&O Insurance?

Several factors could change the premium price, however. Underwriters will consider a number of risk factors before writing a policy. The factors might include:

Your location: Just like living expenses, insurance expenses are often based on a location’s cost of living. If your business is California based, your premium may cost more than if you were located in the Midwest.

Your size: Insurers will consider both the number of workers you employ as well as your overall value. Both will factor into your overall cost.

Your business: The likelihood of a lawsuit is another determiner. If you work in healthcare, for example, your chance of being sued is higher than that of an accountancy.

Many other factors help determine the overall errors and omissions insurance cost. Working with a skilled agent will help you get a better sense of what that price will be, as well as where you might be able to save.

Liability dog insurance

Important Things To Know About Insuring Your Dog

When you hear about dog insurance, your first thought may be health insurance that can cover unexpected vet bills for serious injuries or illnesses. But, what if your dog were to injure someone, their pet, or their property? Liability dog insurance can cover your responsibility for any injuries or damages your dog may cause.

No Catastrophic Out of Pocket Costs

If your dog bites someone and causes serious injury, you could be held liable. Likewise, if your dog were to get in a fight with another animal and cause serious injury to that animal, you could be held liable and the consequences could be costly. You may have to liquidate all your assets to pay medical bills and legal fees if sued. These expenses can be higher if the dog bite results in permanent disfigurement or extreme pain and suffering.

Dog liability insurance can provide protection of your personal assets if your dog causes injury to someone. This can be especially beneficial if your dog may interact with other people or animals. Some liability dog insurance policies may only charge a monthly premium without a deductible for claims.

No Discrimination Based on Dog Breed

While many insurance companies may consider certain breeds of dogs that may have a history of aggressive behavior to be too dangerous to insure, some companies may not restrict coverage based on dog breed. Likewise, some states may prohibit insurance companies from excluding coverage based on the breed of a dog.

FGIB Bankers Professional Liability Insurance

Put Your Bank in Safe Care With FGIB

Looking to insure your bank? Financial Guaranty Insurance Brokers (FGIB) can work with you to create a personalized program that will work best for you and your bank. FGIB Bankers Professional Liability Insurance offers various programs that are often vital for any bank.

Bankers Professional Liability (BPL)

Claims may be filed against a bank for accusations of misdeeds through professional services, including negligence, withholding information, inadequate advice or other wrongdoings that may be allegedly done by the bank or those working for the bank. BPL can cover these claims, paying for legal fees in lawsuits and settlements.

Directors & Officers (D&O) Liability

FGIB Bankers Professional Liability Insurance can include coverage specifically for directors or officers of your bank when they are the focus of a lawsuit due to actions done through their roles. Even a small decision may end up with a claim filed against it, accusing the decision-maker of wrongdoing.

Employment Practices Liability (EPL)

Covering all employees of your bank, EPL can provide protection against claims of illegitimate termination, discrimination and other prejudice, various types of harassments and other unethical employment practices.

Errors & Omissions (E&O)

Whether a claim of negligence, errors or omissions is based on a mistake or an illegitimate accusation, FGIB Bankers Professional Liability Insurance can offer E&O coverage, which is often not included within a general liability policy.

business insurance in New Mexico

Two Simple Insurance Coverages That All Businesses Need

Entrepreneurs looking for business insurance in New Mexico may find it to be somewhat of a struggle. With so many coverage options, it’s easy for those who are inexperienced with the terminology to feel overwhelmed. If you’re currently in this situation, here are the two simple insurance coverages you need to carry when getting your business off the ground.

Liability Insurance

There are several types of liability insurance, but the two most popular are general and professional liability insurance:

General liability covers your business in case a third party is hurt, or their property is damaged because of your business’ activities. An example of this is a shoe cleaner destroying a customer’s brand-new shoes.

Professional liability covers your business in case an error or omission on your part causes a third party to experience loss. An example of this is a financial advisor providing stock advice that leads to a client losing money.

In both cases, the liability insurance will cover payments towards attorney’s fees, settlements or judgments handed down by a court.

Commercial Property

You should carry commercial property even if you’re a solopreneur. With this coverage, your office, equipment and furniture will be repaired or replaced by your policy in case of a weather event, fire, vandalism or theft. Some policies will even cover your computer and the data on them.

Finding business insurance in New Mexico doesn’t have to be stressful. Having an understanding of these foundational coverages can make it easier for you to find the exact coverage you need to get started.

financial institutions insurance

How Insurance Protects Financial Institutions

Financial institutions are essential in a money-based society. They are primarily responsible for distributing and storing currencies, as well as other services including stock market trading, loans and exchanges. With all the trust put into these types of businesses to manage assets, financial institutions insurance is an absolute necessity.

Types of Coverage Available

When canvassing options for insurance plans, there are many customized options to consider. Some of these coverage plans include protections such as the following:

Crime Insurance: includes events such as extortion, ransom, kidnapping, fraud, etc.
Professional Liability: coverage for employment practices, directors and officers insurance, errors and omissions

New Breed of Threats

With technology being utilized more each day, financial institutions must deal with a newer, ever-evolving breed of threats online. Transactions can now be controlled by both institutions and consumers with access to valuable information via online networks. While this makes banking more convenient, it also creates new exposures. Cyber liability can help protect against these types of incidents:

  • Computer virus
  • Denial of service
  • Hacking
  • Compromised network security

Retailers, building societies, credit unions, banks, as well as those dealing with asset management, finance and stocks must be proactive in protecting their assets as well as those of their clients. By contacting an agent well-versed with financial institutions insurance, potential risks can be more easily identified as well as the best policies to help safeguard against them.

staffing agency insurance

Types of Insurance Coverage For Staffing Firms

Staffing firms have different insurance needs than other organizations. Not only do you need insurance to cover your own assets and employees, but depending on the types of employment you offer, you may need offer insurance coverage for temp contractors as well. As you search for staffing agency insurance, here are some of the coverage’s you should expect to purchase to cover your business.

General Liability Insurance – covers legal fees and settlement amounts associated with a non-employee being hurt or their property being damaged because of your business.

Commercial Property Insurance – pays to repair or replace damage to your property in case of a natural disaster, theft or other stated reason. Property covered include buildings, equipment, computers and even the data on your computers.

Workers Compensation Insurance – pays for legal and medical fees if one of your employees are hurt on the job.

Health Insurance – you can provide health coverage to your internal employees and contractors.

Professional Liability Insurance (Errors & Omissions) – covers your business in case of a lawsuit where a client believes you may have made a mistake.

Examples of this include:

  • A client doesn’t feel you satisfied your end of a contract
  • A resource you placed doesn’t have the expected skills and caused your client to experience significant loss

The right staffing agency insurance can play a major role in your long-term success. Be sure to evaluate your needs and align them to your policy before signing your insurance contract.

EMR, workers' comp

Experience Modification Rating and Insurance Costs

Workers’ Compensation insurance is a requirement of doing business for most companies, and some elements of those policies will always be outside an employer’s control. But when it comes to your EMR, workers’ comp does have some flexibility.

What Is EMR?

EMR (Experience Modification Rating) is a metric used by insurance companies to evaluate risk. Actual losses are compared to expected losses, based on employee classification codes for your particular industry. Retail salespeople, for instance, suffer fewer work-related injuries than construction workers, so expected losses are lower for retail stores than for construction companies. Values for EMR range around 1.00, with lower values indicating better than expected performance, and higher values showing greater than expected losses. An EMR lower than 1.00 earns a credit, and a value higher than 1.00 produces a debit.

Improving EMR

Your company’s EMR is calculated using data from their three most recently audited policy periods. For small companies, this means that even a few more claims than usual in a given year can have a significant impact on EMR. Reviewing safety programs and policies, evaluating safety training and keeping workplace environments free of safety hazards are all effective strategies for reducing claims and improving your score.

It always makes sense to takes the steps that will improve your EMR. Workers’ comp cost containment helps your business, and improved safety benefits everyone.

life insurance tips

Three Tips to Help You Pass a Life Insurance Medical Exam

For many individuals, a life insurance policy may be the only way to ensure that surviving family members can be provided for without being burdened with debt in the event of death. Some insurers can require life insurance applicants to pass medical exams before issuing policies. Here are some life insurance tips that may increase the chances of passing the exam.

Lose Weight

If you are overweight or considered obese and have other health issues, an insurance company may find it too risky to issue you a life insurance policy. If you know or suspect that you may be overweight, you may need to lose weight before taking the life insurance medical exam.

Stop Drinking

If you drink alcoholic beverages daily, you may have elevated enzyme levels in your liver. If these elevations show on a blood test during an insurance medical exam, you could be denied coverage. If you have not caused permanent damage to your liver and stop consuming alcohol, enzyme levels may normalize after approximately three months.

Don’t Smoke Tobacco or Marijuana

Smokers can have a hard time finding life insurance at the lowest rates. They may even be denied coverage if they have other health risks along with the tobacco use. Marijuana use can be considered risky behavior and may also result in denial of coverage.

If you don’t think you can pass the medical exam after utilizing these life insurance tips, other options may be available. An insurance professional can assist you with locating a policy that may not require a medical exam

insurance services of New England

Finding a Quality Insurer

Business owners are constantly faced with operating and liability challenges from client and employee alike. The right insurance partner can alleviate many of these concerns and protect your company from damaging financial fallout. A partnership with insurance services of New England can provide assistance as your company navigates through the world of risk management.

What They Should Offer

An insurance partner offers a wide range of services for the overall success of your business. A knowledgeable broker will be able to identify the following areas of need in your company:

  • Risk profile assessment
  • Hazard exposure and remediation insight
  • Employee benefit trends and attractive option packages
  • Wellness programs

How It Should be Offered

Not only is insurance services of New England knowledgeable about the needs of your company, they are committed to their level of service. Whether a small or large business, you can trust the individual attention they give your company. As a company they offer:

  • Hands-on and local responses
  • Extensive portfolio for a diversity of needs
  • Experienced representatives and brokers
  • Reliability in service
  • Accountability to consumer
  • Fair and cost-efficient pricing

Risk management and liability needs aren’t the only things covered by insurance services of New England. Personal insurance policies, surety bonding and comprehensive employee benefits are also part of the services that can be found in this top-notch insurance company. Each team member is able to provide a tailored plan of service regardless of the size or scope of request.

 

accountant professional liability

Common Errors by CPAs Require Liability Coverage

The offering of tax advice and return preparation by certified public accountants (CPAs) can result in a great number of claims against accountants, although any monetary loss pales in significance to the scrutiny of audit claims. This can wreak havoc on an accountant that does not have accountant professional liability insurance in their portfolio.

While tax season is the bread and butter of most accountants’ practices, the fact is that they work all year around helping people and businesses with their finances. The amount of work they produce annually is immense, which is why their work is often subject to intense examination by the Internal Revenue Service (IRS).

CPAs often victims of claims of malpractice

Malpractice quite often occurs from simple inattentiveness or poor client communications. This is usually the case, and more likely than from errors due to the complexities of the tax code. Most of the time these problems can be prevented by simple quality control procedures. Claims can range from any number of mistakes, from missed deadlines and elections, to poor advice. But the vast majority stems from return errors.

CPAs have a certain obligation to their clients to exercise due professional care. An engagement letter provides the client and other third parties with rights of recovery, which means that if the accountant is not performing within the agreement, as set forth in the contract, then it will be considered a breach of contract.

Clients may also claim negligence against their accountant any time the work that is performed is poorly done, contains errors, or is not laid out in a professional manner. This is considered a tort action. In order to recover from an auditor under common law, the client must prove either breach of duty, losses, or causation.

The auditors may leave it up to the accountant to prove that the client’s loss occurred because of factors other than negligence. If he or she can be substantially prove this to be true, a client may then be accused of contributory negligence, and the auditor may eliminate the liability of the accountant to the client based on this fact.

Accountants should always be thorough and check all work prior to having their client sign any tax documents waiting to be submitted. Having accountant liability insurance will provide relief when negligence or malpractice does occur. Speak to a reputable agent about obtaining this important coverage.